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NEW QUESTION 37
The Financial Services Compensation Scheme was established to help policyholders in the event of
- A. the financial failure of an insurance company.
- B. the repudiation of liability by an insurer.
- C. fraud perpetrated by an insurance broker.
- D. unreasonable policy terms and conditions.
Answer: A
NEW QUESTION 38
If a proposer has failed to fully answer a question on a proposal form, the insurer is deemed to have waived its rights to this information because it
- A. should be able to underwrite the risk based on the information already provided.
- B. did not request further information.
- C. does not have the right to ask the proposer for more information.
- D. has statistics on similar risks.
Answer: B
NEW QUESTION 39
Sunita suffers a loss and makes a claim under her household contents insurance policy. When must insurable interest exist for her claim to be valid?
- A. At the time of the proposal.
- B. At policy inception and at the time of the loss.
- C. At policy inception only.
- D. At the time of the loss only.
Answer: B
NEW QUESTION 40
Bye-laws are passed at the Lloyd's Market by the
- A. Corporation of Lloyd's.
- B. Council of Lloyd's.
- C. Lloyds Managing Agent.
- D. Lloyd's Market Association.
Answer: B
NEW QUESTION 41
Joe is a broker who has become a Fellow of the Chattered Insurance Institute. If he would like to use the title Chartered Insurance Broker, what must he do. if anything?
- A. He cannot use the name as he would be in breach of the Insurance: Conduct of Business sourcebook (ICOBS).
- B. He must apply to the Prudential Regulation Authority.
- C. He must apply to the British Insurance Brokers' Association.
- D. He must apply to the Chartered Insurance Institute.
Answer: D
NEW QUESTION 42
If an insurer invokes the cancellation clause to cancel a policy mid-year due to a change in the risk, how much of the premium, if anything, is normally returned to the policyholder?
- A. The full year's premium.
- B. The full year's premium less a fixed nominal charge.
- C. None of the premium.
- D. A pro rata amount.
Answer: B
NEW QUESTION 43
What type of risk is a widespread natural disaster?
- A. A particular risk.
- B. A pure risk.
- C. A fundamental risk.
- D. A speculative risk.
Answer: C
NEW QUESTION 44
What is the legal standing of the Charioted Insurance Institute's Code of Ethics?
- A. It has full stand-alone legal recognition.
- B. It is to be applied in conjunction with existing Acts.
- C. It has full force of Jaw except where overridden by pre-existing Acts.
- D. It does not have the force of law.
Answer: D
NEW QUESTION 45
What type of organisation is the British Insurance Brokers' Association?
- A. A public limited company.
- B. An educational body.
- C. A trade body.
- D. A specialist regulator.
Answer: C
NEW QUESTION 46
Harry owns a sports car valued at £1.000 and agrees to sell it to Ben for £500. Ben discusses this with his solicitor who states the contract is
- A. unenforceable unless Harry signs a disclaimer acknowledging the consideration as acceptable.
- B. unenforceable as the consideration is inadequate.
- C. enforceable but only if Harry does not refute the contract within six months of the contract date.
- D. enforceable as consideration does not need to be adequate.
Answer: D
NEW QUESTION 47
For which professional is professional indemnity insurance compulsory by statute?
- A. A loss assessor.
- B. A loss adjuster,
- C. A solicitor.
- D. A chartered surveyor. .
Answer: C
NEW QUESTION 48
A storm blew down the wall of a limber building. The failing wall broke electrical wiring, which short-circuited and the resultant sparks caused a fire. The lire brigade used water to put out the fire and the water caused damage to the unburnt contents. What is the proximate cause of the damage to the unburnt contents?
- A. The storm.
- B. The falling wall.
- C. The fire.
- D. The water damage.
Answer: A
NEW QUESTION 49
In the event of an insurer including an unclear clause in its household insurance policy, which statute could the policyholder rely upon if there was a contractual dispute?
- A. The Data Protection Act 2018.
- B. The Criminal Justice Act 1993.
- C. The Consumer Rights Act 2015.
- D. The Contracts (Rights of Third Parties) Act 1999.
Answer: C
NEW QUESTION 50
Which key test for money laundering is defined under the Proceeds of Crime Act 2002?
- A. Criminal possession.
- B. Criminal intelligence.
- C. Criminal record.
- D. Criminal lifestyle.
Answer: D
NEW QUESTION 51
If an insured signs an agreement with a hold harmless clause, this may prevent the insurer from
- A. disclosing details to a third party.
- B. pursuing subrogation rights.
- C. increasing the premium.
- D. reinsuring the risk.
Answer: B
NEW QUESTION 52
Michael, an insurance company employee, strongly suspects that a recent transaction involved money laundering but decides NOT to report his suspicions to anyone. How is this treated under the current Money Laundering Regulations?
- A. It is a criminal offence.
- B. It is a disciplinary offence under the Banking Code.
- C. It is a disciplinary offence dealt with by the Money Laundering Joint Steering Committee.
- D. It is a civil offence.
Answer: C
NEW QUESTION 53
What is the basis of settlement under a new for old insurance policy if a television is stolen?
- A. The original cost, less wear and tear.
- B. The replacement cost in full.
- C. The replacement cost, less wear and tear.
- D. The original cost in full.
Answer: C
NEW QUESTION 54
The requirement 10 notify the fitting of a more powerful engine under a motor insurance policy is an example of a policy wording modifying the principle of
- A. indemnity.
- B. contribution.
- C. good faith.
- D. subrogation.
Answer: C
NEW QUESTION 55
What are the other key components of risk apart from uncertainty?
- A. Financial losses.
- B. The level of risk, peril and hazard.
- C. Low severity losses and low frequency losses.
- D. Financial losses and speculation.
Answer: B
NEW QUESTION 56
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